AML/CTF
Reporting Assistant

What is the AUSTRAC Compliance Report?

The Annual Compliance Report is a mandatory legal requirement under Section 47 of the AML/CTF Act. Every year, reporting entities must submit a report via AUSTRAC Online confirming how they have met their obligations.

For accounting practices, the first mandatory reporting period begins on 1 July 2026. You must lodge your first report between 1 July and 30 September 2027 (covering the 2026-27 financial year). Failure to submit within this window can result in significant civil penalties.

What does the report need to address?

To be audit-ready, your internal registers must align with AUSTRAC's reporting framework. SimpleAML captures the data required for these 8 critical areas:

• Governance & Oversight — Practice details and formal appointment of your AML/CTF Compliance Officer (AMLCO).
• ML/TF/PF Risk Assessment — Now includes Proliferation Financing (PF) risk, inherent ratings, and your firm’s risk appetite.
• AML/CTF Program — Evidence of senior management approval and your 3-year independent evaluation schedule.
• Employee Due Diligence — Vetting history for staff in "key positions" and annual fit-and-proper declarations.
• Training Register — Dated records of AML/CTF training for all relevant staff to meet your annual training obligation.
• Customer Due Diligence (CDD) — A summary of verified clients, including beneficial owner and PEP/Sanction screening results.
• Transaction Monitoring — Evidence of ongoing monitoring and the identification of any "Designated Services" provided.
• Reporting Activity — A log of Suspicious Matter Reports (SMRs) or a "Nil" record if no reportable matters occurred.